Trump brings war against the Fed to Powell’s home turf
Current and former officials view the US president’s widening assault on the central bank with alarm
International - Financial Times - Credit Squeeze
How to live in a G minus one world
As America disengages, other countries are having to work together to find solutions to global problems
Cracks widen in Japan and US’s interpretation of tariff trade deal
Tokyo officials contest Washington’s claim that American investors assured of vast share of profits from joint investment
Charge higher-income patients for NHS to offset UK’s spending squeeze, says IMF
Fund says Britain should consider new models for public services and pensions in the long-term
VW pledges ‘huge’ US investments as it seeks separate trade deal with Trump
German auto group lowers return-on-sales estimate after taking €1.3bn tariff hit
Nvidia AI chips worth $1bn smuggled to China after Trump export controls
Roaring black market for US semiconductors operates despite efforts to curb Beijing’s high-tech ambitions
FirstFT: Trump adds to pressure on Powell with highly unusual Fed visit
Also in today’s newsletter, Chinese investors flock to HK and the stock market’s extraordinary year
Starmer to press Trump over deal to cut tariffs on UK steel imports
Prime minister will also make the case for closer ties as US president visits golf courses in Scotland
UK households prioritise saving more than at any point since 2008 crash, survey finds
Results reflect concerns over tax rises in the autumn and impact of inflation, analysts say
British carmakers left underwhelmed by UK-India trade deal
Accord means tariffs for UK petrol and diesel car manufacturers will fall to headline 10% rate only in 2031
What Trump should tackle next to boost growth
Permitting and housing reforms as well as R&D investment and more highly-skilled immigrants are needed
Turkey cuts rates as turmoil over arrest of opposition leader eases
Central bank reduces main policy rate to 43%, close to level in March at start of government crackdown
EU to keep trade retaliation in reserve even as deal with US nears
Brussels designs countermeasures that can be activated quickly if Donald Trump fails to stick to agreed terms
Starmer and Modi seal UK-India trade deal
Tariffs on more than 90% of British exports to Asian country will be cut, including cosmetics, clothes, food and drink
European stocks gain on hopes of US-EU tariff deal
Pharmaceuticals and autos advance following FT report that 15% levy deal is close
UK business activity slows as companies hit with rising costs
‘Sluggish’ growth reflects impact of tax increases by Rachel Reeves in Autumn Budget, survey finds
Von der Leyen tells Xi EU-China ties are at ‘inflection point’
EU leaders press Beijing over trade surplus and support for Russia’s war in Ukraine at summit
FirstFT: Tesla warns of more pain from Trump policies as profits slide
Also in today’s newsletter, judge rejects Trump’s request on Epstein files
US and EU close in on 15% tariff deal
Agreement would mirror accord with Japan and head off Trump’s threat to raise duties to 30%
Asian automakers’ profits tumble after ‘unprecedented’ effects of US tariffs
World’s third-largest auto group Hyundai reports $600mn hit from levies, while Japan’s Mitsubishi suffers profit wipeout
Global Economy
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